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Stock impact report

China Hands Ex-Merchants Bank President Suspended Death Sentence [BNN Bloomberg (Canada)]

Community Bank System, Inc. (CBU) 
Last community bank system, inc. earnings: 4/20 06:45 am Check Earnings Report
US:NYSE Investor Relations: ir.communitybanksystem.com
Company Research Source: BNN Bloomberg
The verdict, which carries a two-year suspension, was reported by China Central Television and came almost a year after charges were brought. Tian was arrested and expelled from the Communist Party in October 2022. President Xi Jinping has been tightening his grip over China's $61 trillion financial sector with sweeping crackdowns on corruption and violations. He vowed earlier this year to deepen anti-corruption efforts in sectors from finance to energy and show “no mercy” in the fight, even after having claimed initial victory in mid-2022. Tian was accused of using his positions at firms including the trust arm of China Cinda Asset Management Co. and Merchants Bank to gather “huge” bribes in exchange for loan approvals and project undertakings, the authorities said last year. His misconduct severely damaged national interests, the authorities said. Tian had been in charge of Merchants Bank since May 2013. Prior to that, he held various roles at other lenders including Bank of Show less Read more
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